By Chisomo Phiri
National Bank of Malawi plc on Thursday said it has posted a profit after tax of 45.9 billion Kwacha in the 2022 financial year.
The bank disclosed this during its 51st Annual General Meeting (AGM) held at Mount Soche hotel in Blantyre.
The NBM Board of Directors Chairperson Jimmy Lipunga said the profit represents a 34 percent increase from 34 billion Kwacha reported in 2021.
Lipunga said he was pleased with the performance of the company despite a rather turbulent environment characterized by the 25 percent devaluation of the Kwacha among others.
“We have turnaround strategies which should see the companies profitable by the end of 2023,” he said.
The Chairperson attributed the increase in profit to an increase in loans and fixed income securities.
He however, said from the profits made, the bank is expected to pay a total dividends of 33 billion Kwacha, representing K70.67 per share.
